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Fair Value Measurements
 6 Months Ended
Jun. 30, 2012
Fair Value Measurements [Abstract]  
Fair Value Measurements
Note 11.
Fair Value Measurements

We follow a three-level fair value hierarchy that prioritizes the inputs to measure fair value.  This hierarchy requires entities to maximize the use of "observable inputs" and minimize the use of "unobservable inputs."  The three levels of inputs used to measure fair value are as follows:
 
Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets as of the measurement date.
 
Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
 
Level 3: Significant unobservable inputs that reflect assumptions that market participants would use in pricing an asset or liability.
 
The following is a summary of the carrying amounts and estimated fair values of our financial instruments at June 30, 2012 and December 31, 2011 (in thousands):

 
June 30, 2012
 
 
December 31, 2011
 
 
Carrying
Amount
 
 
Fair Value
 
 
Carrying
Amount
 
 
Fair Value
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
9,242
 
 
$
9,242
 
 
$
10,871
 
 
$
10,871
 
Deferred compensation
 
 
6,371
 
 
 
6,371
 
 
 
5,882
 
 
 
5,882
 
Short term borrowings
 
 
97,114
 
 
 
97,114
 
 
 
73,109
 
 
 
73,109
 
Long-term debt
 
 
132
 
 
 
132
 
 
 
190
 
 
 
190
 

For fair value purposes the carrying value of cash and cash equivalents approximates fair value due to the short maturity of those investments.  The fair value of the underlying assets held by the deferred compensation plan are based on the quoted market prices of the funds in registered investment companies, which are considered Level 1 inputs.  The carrying value of our revolving credit facilities, classified as short term borrowings, equals fair market value because the interest rate reflects current market rates.